CRH continues on acquisitions trail, investing €400m
Lee Myles, CRH chief executive
Irish building materials group CRH announced today that it spent €400m on 23 acquisition and investment initiatives in the second half of 2011.
Part of its continuing development programme, this brings its total spend on this area to €600m for the year.
There were three materials acquisitions in Europe totaling €195m, including a significant investment in cement grinding capacity in Belgium, an add-on in Ukraine for a state-of-the-art cement plant and ready-mixed concrete bolt-on acquisitions in Finland.
In the Americas, CRH made nine materials acquisitions amounting to €112m, bringing total 2011 investment by this division to around US$300m. It also added 24 distribution branches in the Americas in the second half, in particular the acquisition in December of United Products, expanding its position in five Northern Plains states.
Myles Lee, CRH chief executive said the transactions announced today were very much in keeping with the group’s strategy to acquire businesses which add value to its existing operations or which expand its footprint in developed markets where it sees opportunities for further growth.
“Meanwhile we continued to grow our activities in developing economies by investing through our 26pc associate in northeastern China and through a strategic bolt-on acquisition in Ukraine,” he added.